Scary tax deadlines to watch out for as end of financial year approaches

Here’s how you can avoid a $1050 fine – which is how much you’ll owe the tax office if you miss an important due date for payment.

The end of financial year is fast approaching, and with it the tax man.

There are a number of important deadlines you should be across to get your tax refunds back as fast as possible and to avoid any late penalties.

We’ve compiled a list of the most important dates.

If you want to avoid a $1050 fine, here’s how.

RELATED: Read all our tax tips here

Key dates for tax time

June 30, 2021

This is the official end of the current financial year.

This financial year will be the last chance to use a “shortcut” method for claiming working from home expenses.

The Australian Taxation Office (ATO)’s temporary shortcut method allows people working from home to claim a rate of 80 cents per hour for all their running expenses, instead of calculating costs for specific running expenses as taxpayers would under normal circumstances.

However, this scheme will come to an end in the new financial year.

The tax shortcut, introduced as more people moved to working from home since the start of the coronavirus pandemic, was initially meant to end in June last year, but was extended into the 2020/2021 financial year.

If you’re still working from home, from July 1, the claiming of expenses will revert back to the previous methods, where you have to calculate everything individually.

RELATED: Big changes coming to laws from July 1

July 1, 2021

The first day of July marks the start of the new financial year, meaning your tax return can technically be filed from then onwards.

But be warned. Ben Johnston from Sydney accounting firm Johnston Advisory previously told news.com.au that people who lodge early can face headaches later down the track.

“People have got to be really careful that they don’t get in too soon,” Mr Johnston said.

“There is a risk that people who file too early will have to amend their returns or they could end up being audited by the ATO.”

July 7, 2021

On their website, the ATO states that they start “full processing” of tax returns on this day.

July 14, 2021

From July 14, your employer will release your annual Pay As You Go payment summary.

You cannot complete your tax return without this and there isn’t much point in lodging until it’s released, according to experts.

July 16, 2021

The ATO expects to begin handing out tax refunds on this day, at the earliest.

Tax returns generally take two weeks to come through, provided there aren’t any complications.

August 14, 2021

Employers have to disclose employees PAYG information to the ATO no later than August 14.

RELATED: Six ways to get the most money back from your tax return

November 1, 2021

If you’re doing your own tax returns, this is the very latest you can lodge them.

Usually you have until October 31, but this year that falls on a Sunday so you have an extra day to complete the tax application.

If you’re letting a tax agent do your taxes, this is still an important date.

You have until this day to file with your agent.

If you miss this cut-off you risk being fined, with penalties increasing by $210 for every 28-day period you’re overdue up to a maximum of $1050.

If you are finding it difficult to meet the deadline, you should contact the ATO as soon as possible to explain your circumstances.

Even if the deadline has passed, it is important to lodge as soon as you can.

November 22, 2021

You have three weeks to pay any tax you owe the government.

If you’re the kind of person that filed your taxes on the last day, that means November 22 is also an important day for you – as this is exactly three weeks since lodgement.

Paying your tax liability late means you’ll lose money by having to pay interest charges to the ATO.

March 31, 2022

This is an important day for people that earn the big bucks.

The tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more is due to settle up this day.

You have more than the usual three weeks to pay up because it is such a large amount of money.

May 16, 2022

Your tax agent has until this day to lodge on your behalf.

Usually they have until May 15 to lodge the application, but in 2022 that day falls on a Sunday so they have an 24 hours.